Rigetti Computing (NASDAQ:RGTI) Shares Gap Up – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $14.15, but opened at $15.09. Rigetti Computing shares last traded at $16.02, with a volume of 6,545,699 shares.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RGTI. Rosenblatt Securities reaffirmed a “buy” rating and set a $40.00 price target on shares of Rigetti Computing in a research note on Thursday, June 11th. Benchmark began coverage on Rigetti Computing in a research report on Monday. They set a “buy” rating and a $25.00 price objective for the company. Weiss Ratings upgraded shares of Rigetti Computing from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, July 21st. Northland Securities began coverage on Rigetti Computing in a research report on Monday, April 20th. They issued a “market perform” rating and a $20.00 target price for the company. Finally, Wall Street Zen upgraded shares of Rigetti Computing from a “sell” rating to a “hold” rating in a report on Monday, July 20th. Seven research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $32.00.

Rigetti Computing Stock Performance

The company has a market cap of $5.02 billion, a P/E ratio of -17.39 and a beta of 1.95. The firm has a 50 day moving average price of $19.65 and a 200-day moving average price of $18.67.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings data on Monday, May 11th. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The business had revenue of $4.40 million for the quarter, compared to the consensus estimate of $4.09 million. During the same period last year, the business earned ($0.05) EPS. The firm’s revenue was up 198.9% compared to the same quarter last year. On average, sell-side analysts forecast that Rigetti Computing, Inc. will post -0.22 EPS for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other news, Director Ray O. Johnson sold 122,188 shares of the business’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $21.30, for a total value of $2,602,604.40. Following the completion of the sale, the director directly owned 171,273 shares in the company, valued at approximately $3,648,114.90. The trade was a 41.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO David Rivas sold 499,328 shares of the business’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $25.40, for a total transaction of $12,682,931.20. Following the completion of the sale, the chief technology officer owned 325,945 shares of the company’s stock, valued at $8,279,003. The trade was a 60.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 728,901 shares of company stock worth $17,546,343 over the last 90 days. Insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of RGTI. Heritage Wealth Advisors lifted its position in Rigetti Computing by 454.3% during the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after acquiring an additional 954 shares during the last quarter. Larson Financial Group LLC boosted its holdings in Rigetti Computing by 138.4% during the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after acquiring an additional 707 shares during the period. PeakShares LLC acquired a new stake in shares of Rigetti Computing in the first quarter valued at about $28,000. EFG International AG acquired a new stake in shares of Rigetti Computing in the fourth quarter valued at about $28,000. Finally, Tsfg LLC increased its stake in shares of Rigetti Computing by 320.5% in the fourth quarter. Tsfg LLC now owns 1,312 shares of the company’s stock worth $29,000 after purchasing an additional 1,000 shares during the period. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Company Profile

Rigetti Computing is a pioneering quantum computing company that designs and manufactures superconducting quantum processors alongside a complementary software stack. Founded in 2013 by CEO Chad Rigetti, the company has developed end-to-end quantum systems—from cryogenic hardware to control electronics—to advance the performance and scalability of quantum machines.

At the core of Rigetti’s offering is its Quantum Cloud Services (QCS) platform, which enables developers and enterprises to access quantum processing units (QPUs) and hybrid quantum-classical workflows via the cloud.